adplus-dvertising
Connect with us

Business

In China, global automakers seek clarity from a more ambitious regulator

Published

 on

For foreign automakers, selling in China – the world’s biggest car market and front-runner by far in the adoption of electric vehicles – can yield great rewards. But the regulatory headaches can also be really painful.

A lack of transparency, insufficient lead time for new rules as well as unequal “access to policy and standards drafting processes” were key complaints about Chinese auto regulation listed in a European Union Chamber of Commerce report.

Though the survey-based report published in September did not cite specific examples, auto industry sources say it highlights bubbling frustration with China’s regulatory process as well as growing pains as automakers adapt to the country’s expanding regulatory clout – particularly in EVs.

In the past, cars that met EU and U.S. auto standards did not have too much difficulty satisfying Chinese regulatory bodies which had based their own regulations on Western equivalents.

300x250x1

But China is now coming to the forefront of EV regulation. That’s a natural consequence of its sheer market size – it accounted for roughly 40% of all electric vehicles sold worldwide in 2020 – as well as part of broad conscious efforts by Chinese authorities to start taking the lead in international standards across a range of industries.

VW’S SCRAMBLE

An expensive scramble by Volkswagen AG engineers last year to redesign a battery pack for its ID.4 electric SUV illustrates the tensions at play in China’s auto sector.

The battery pack had passed Volkswagen and German government tests for managing heat but it did not meet planned Chinese requirements aimed at making EVs highly unlikely to catch fire in the first five minutes after a crash, two sources with direct knowledge of the matter said.

No information from the Chinese government about when the new standards would be effective contributed to the problem, the sources said. But they added stubbornness from Volkswagen headquarters was also responsible as Wolfsburg failed to realise Chinese regulators were not amenable to hearing out the German automaker’s point of view as they had been in the past.

In addition to sending managers to China’s industry ministry and auto testing agency China Automotive Technology and Research Center (CATARC) to press for clarification on when the rule might be made effective, Volkswagen assembled a team of engineers who spent around six months working out fixes, said the sources.

In the end, the orginally planned lightweight aluminum battery pack was replaced by a heavier aluminum-steel pack with a different structural design. The mechanical design for the car’s chassis was also changed.

“Sometimes changing key components in an existing model is harder than making a new one and ID.4 is a good example of that,” said one source.

The sources declined to be identified discussing internal matters. Volkswagen said in a statement to Reuters that the ID.4 gained regulatory approval smoothly, that its regional teams get the necessary support to meet local legal requirements and it has zero tolerance for non-compliance.

SEEKING MORE TIME, CLARITY

Hans Georg Engel, head of research and development at Mercedes-Benz in China, told reporters last month one challenge for vehicle development and testing in China is that the time between when a new regulation is clearly known and when it goes into effect is “short”.

“We need to be faster here in China,” he said.

Chinese authorities could do more to make the regulatory process clearer and less liable to throwing up unwelcome surprises, other executives at foreign automakers say.

Complaints include that sometimes only Chinese automakers are invited to initial meetings on proposed new regulations while foreign automakers only get to attend later, according to senior officials at overseas carmakers. They were not authorised to speak on the matter and declined to be identified.

China’s industry ministry and CATARC did not respond to Reuters requests for comment.

GOING GLOBAL

Last year, Beijing outlined “China Standards 2035” – a still-evolving industrial strategy it had spent two years developing and one that seeks to make China a major voice, if not take the driver’s seat, when international standards are set.

Its plans for promoting better standards encompass a wide range of industries – from tech to packaging to biotech – as well as autos.

In line with those objectives, state-owned CATARC, which is backed by China’s industry ministry, is increasing its international reach.

In June, CATARC set up an office in Geneva, home to United Nations transportation regulators. It has also been working with Indonesia’s government on EV policies and holding routine talks with countries like Uzbekistan and Belarus. In September, it said in a post that some of China’s auto regulations have been adopted by markets like the European Union, Israel and Chile.

Increasing the global impact of China’s auto emission rules will also help with the exports of China-made engines, components and testing machines, Wu Xianfeng, an official at the Ministry of Ecology and Environment, told CATARC’s annual meeting in September.

To lessen the chance of regulatory surprises, foreign automakers are investing more in China research and development centres as this will give them a closer ear to the ground and more expertise on technical requirements that matter most to Chinese regulators.

Volkswagen is building a new research centre in the eastern Chinese city of Hefei where it is boosting EV production, and just last month Tesla Inc announced it had built a new R&D centre in Shanghai – its first outside the United States, while Daimler AG opened a new research centre in Beijing.

“This world is changing so fast as we go into software-driven and electric vehicles that all governments around the world are running very fast to regulate,” Hubertus Troska, Daimler’s China chief said at the opening.

“Given the importance of China…this is the intention of our company to make sure Chinese requirements will be never forgotten.”

 

(Reporting by Yilei Sun in Beijing and Brenda Goh in Shanghai; Editing by Edwina Gibbs)

Business

What’s open and closed Good Friday, Easter Monday in Hamilton, Burlington and Niagara Region – Global News

Published

 on


The Easter long weekend is upon us, bringing a rare four-day holiday to some in the Hamilton area. Several businesses and services will be closed on Good Friday (March 29), Easter Sunday (March 31) or Easter Monday (April 1).

Here’s a list of some things that will or will not be operating in Hamilton, Burlington and Niagara Region.

300x250x1

Administrative offices: Offices are closed on Friday and Monday.

Licensing and bylaw services: Licensing and bylaw phone queue line will be closed on Friday and Monday. Service will resume on Tuesday.

Green bin, garbage and recycling: No collection on Good Friday. Friday’s pickup will occur on Saturday (March 31). Monday will be a regular collection day (April 1). The city says all materials must be at the curb by 7 a.m. Community recycling centres and transfer stations will be closed Friday and Monday.

HSR bus: Buses will operate on a Sunday/holiday schedule Friday and a regular schedule on Monday.

GO Transit: Trains and buses are operating on a Sunday schedule Friday.

ATS DARTS: Service will be operating with holiday service hours on Friday and Monday. Subscription trips on DARTS, with the exception of dialysis, are cancelled for Friday and Monday. ATS customer service will also be closed on Friday and Monday.

Ontario Works: The program, including the special supports, will be closed Friday and Monday. Phone service will resume on Tuesday.

Recreation centres: Closed on Friday and Monday.

Hamilton civic museums: Dundurn National Historic Site, the Hamilton Military Museum and the Hamilton Museum of Steam and Technology will be closed on Friday and Monday.

Tourism Hamilton visitor information centre: Closed Friday to Monday.

Hamilton Public Library: All HPL branches are closed on Good Friday, Easter Sunday and Easter Monday. Branches are open on Saturday and regular hours resume Tuesday, April 2

Social services: All Ontario Works offices, special supports and the housing services office will be closed on Friday and Monday.

Senior centres: Closed Friday and Sunday. Senior clubs will be running modified program schedules from Friday to Monday.

Arenas: Closed to public programming Friday, Sunday and Monday.

Animal services: Closed Good Friday, Sunday and Easter Monday.

Canadian Warplane Heritage Museum in Mount Hope: Open Good Friday, Saturday and Easter Sunday. Closed Easter Monday.

Burlington

Government offices: Local government such as city hall, municipal offices and facilities will be closed on Good Friday and Easter Monday.


Breaking news from Canada and around the world
sent to your email, as it happens.

Administrative services: Services including parks, roads and forestry will be closed on Friday and Monday. Only snow removal and urgent services will be provided.

Animal Shelter and Control: Closed all weekend, Friday through Monday. Emergencies can be called in to 905-335-7777.

Recreation centres: Some city pools, arenas and community centres will be operational on a limited schedule. Visit burlington.ca/dropinandplay for details. Some outdoor recreation facilities will also be open, weather permitting. Visit burlington.ca/outdoorplay for more information. Tyandaga Golf Course will be closed. The tentative season opener is set for April 6.

Halton Provincial Offences Court: Closed on Friday and Monday.

Free parking: Available Friday and Monday in the downtown core in municipal lots, on-street and in the parking garage, however, the Waterfront parking lots (east and west) do not provide free parking on statutory holidays. Parking exemptions are required to park overnight on city streets and for longer than five hours. Visit burlington.ca/parkingexemptions for more.

Burlington Transit: Transit will operate a holiday schedule Sunday. The downtown transit terminal, specialized dispatch and the administration office will be closed on March 29. Monday is a regular schedule.

Niagara Region

Government offices: City halls, the Enterprise Centre and administration offices are all closed on Good Friday. Some offices, like St. Catharines, will reopen on Easter Monday.

Parks, recreation and culture services: All City recreation centres are closed on Good Friday and Easter Sunday. Administration offices are all closed on Friday. Some will be closed on Monday. St. Catharines Kiwanis Aquatics Centre is closed Friday, but open on Saturday. Seymour-Hannah Sports and Entertainment Centre is closed Friday, but open regular hours through the weekend and Monday.

Community centres: All older adult centres and arenas will either be closed or have reduced hours on Friday, Sunday and Monday.

St. Catharines Museum; Welland Canals Centre: Both facilities will be closed on Good Friday but open the rest of the long weekend between 9 a.m. to 5 p.m.

Niagara Regional Transit: Both St. Catharines and Niagara Falls buses will operate on a holiday schedule for Good Friday. Regional, Fort Erie and Welland service will not be running Friday. The agency will have regular hours on Easter Sunday and Monday.

Canada Post: No collection or mail delivery on Monday. Most post offices operated by the private sector will also be closed during business hours.

Grocery stores: Major grocery stores like Fortinos, Metro, FreshCo and No Frills will be closed on Good Friday and Easter Sunday.

Shoppers Drug Mart: Some locations in the city will be open on Good Friday and Easter Sunday, but not all. Holiday hours can be seen on the Shoppers store locator map.

Rexall: Some outlets are open on a holiday schedule, but not all. Visit the Rexall website for store hours.

Malls: All major shopping centres in Hamilton, Burlington, St. Catharines and Niagara Falls will be closed on Good Friday. Exceptions include:

  • Outlet Collection at Niagara Falls: Open from 10 a.m. to 6 p.m.
  • CF Toronto Eaton Centre: Open noon to 7 p.m.
  • Toronto Premium Outlets in Halton Hills: Open Friday from 9:30 a.m. to 7 p.m. and Sunday from 11 a.m. to 7 p.m.
  • Pacific Mall in Toronto: Open between 11 a.m. and 7 p.m.
  • Vaughan Mills will be open from 11 a.m. to 7 p.m.

In Toronto, retailers in designated tourist areas such as Yorkville, downtown Yonge, Queen’s Quay West and the Distillery District can stay open Good Friday, according to City of Toronto bylaws.

Walmart: All Walmarts in the GTHA will be closed Good Friday and Easter Sunday except the Niagara Falls Supercentre on Oakwood Drive, which is open between 7 a.m. and 11 p.m. on those days.

Alcohol

The Beer Store: All stores will be closed Good Friday and Easter Sunday.

LCBO: All stores will be closed Good Friday and Easter Sunday.

More on Canada

Wine Rack: Most Hamilton locations will be closed on Good Friday and Easter Monday except for the Wilson Street West location in Ancaster and the Guelph Line outlet in Burlington.

Wilson Street will be open Noon to 5 p.m. on Good Friday and 11 a.m. to 6 p.m. on Easter Sunday. Guelph Line will open 10 a.m. to 6 p.m. on Friday and Sunday.

Tourist destinations

Niagara Falls: Some Niagara Falls attractions are closed during the early spring, including the Whirlpool Aero Car and Wildplay Whirlpool Adventure Course, and the White Water Walk.

However, some, like the Niagara City Cruises, Journey Behind the Falls, Niagara Falls History Museum and The Exchange, and the Niagara Power Station are open and will be operating on Good Friday and Easter Sunday. Hours of operation can be seen on the Niagara Parks website.

The Butterfly Conservatory will be open on Good Friday and Easter Sunday between 10 a.m. and 6 p.m.

Toronto: Most Toronto attractions are either closed or have adjusted hours on Good Friday and Easter Sunday.

  • The Hockey Hall of Fame will be open from 10 a.m. to 5 p.m.
  • The Toronto Zoo will be open from 9:30 a.m. to 6 p.m.
  • The Ontario Science Centre will be open from 10 a.m. to 5 p.m.
  • Ripley’s Aquarium will be open from 9 a.m. to 11 p.m.
  • The Art Gallery of Ontario will be open from 10:30 a.m. to 4:30 p.m.
  • The Royal Ontario Museum will be open from 10 a.m. to 5:30 p.m.
  • The Aga Khan Museum will be open from 10 a.m. to 5:30 p.m.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Business

CRA pausing new 'bare trust' reporting requirement just days before filing deadline – CBC News

Published

 on


The Canada Revenue Agency (CRA) is hitting pause on a new “bare trust” reporting requirement with just a few days remaining before the deadline.

New reporting requirements for such trust arrangements were introduced for the 2024 tax season. Anyone with a bare trust was required to file a T3 tax return form naming the trustees, beneficiaries and settlors of each trust by April 2.

But on Thursday — with four days before the deadline to file — the CRA announced that it would be pausing the reporting measures.

300x250x1

“In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency will not require bare trusts to file a T3 … for the 2023 tax year, unless the CRA makes a direct request for these filings,” a statement released by the tax agency said.

John Oakey, a vice president with the Chartered Professional Accountants of Canada, said the government hasn’t done a great job of communicating the changes.

“There’s no advertising from the government saying these are coming. You don’t see an ad on the television. You don’t see ads in magazines,” he said.

“The only way that individuals are really finding out is from advisers, financial institutions … people that are already aware of these rules.”

No definition of ‘bare trust’ in Income Tax Act

There is no definition of a bare trust in the Income Tax Act. The CRA defines a bare trust as “arrangement under which the trustee can reasonably be considered to act as agent for all the beneficiaries under the trust with respect to all dealings with all of the trust’s property.”

Unlike express trusts, where people seek out a lawyer to create a trust, bare trusts can happen almost accidentally — when a parent cosigns a mortgage for a child and becomes partial owner, or when an aging parent puts their kids down as partial owners of their house in anticipation of an impending death.

Oakey said a bare trust could also be something as simple as a shared bank account.

“If I put my name on [my parents’] bank account in order to help them pay their bills, that creates a trust relationship,” he said.

“I have no real control over the asset. I still have to adhere to their wishes. All I’m doing is acting as an agent on their behalf to do whatever they want me to do.”

In those cases, the bare trust does not earn any money for the trustee to report in a given tax year.

Even though Canadians wouldn’t have been taxed on a trust’s value, failure to report being a member of a bare trust could have resulted in a fine of $2,500, or five per cent of the value of all property in the trust, whichever is higher.

The requirement was meant as a way to crack down on tax avoidance. Corporations and wealthy individuals sometimes hold properties in bare trusts so they can avoid paying property transfer taxes. Oakey said the move was also likely an effort to crack down on money laundering.

The CRA said it would be working to “to further clarify its guidance on this filing requirement” over the coming months.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Business

Economy grows more than expected, keeping the Bank of Canada 'on its toes' – Financial Post

Published

 on


January GDP strongest monthly growth in a year

Get the latest from Naimul Karim straight to your inbox

Article content

The Canadian economy surprised to the upside in January, posting its strongest monthly growth in a year, which could keep the Bank of Canada “on its toes,” say economists.

Real gross domestic product (GDP), which measures the value of goods and services produced during a specific time frame, edged up by 0.6 per cent in January, according to Statistics Canada, beating analysts’ expectations of 0.4 per cent. The agency also expects a 0.4 per cent rise in GDP during February.

Advertisement 2

Article content

Article content

“To put that two-month flurry of growth into perspective, the combined one per cent gain is as much as the economy grew in the entire 12 months of 2023,” Bank of Montreal chief economist Douglas Porter said in a note. “After a prolonged lull through much of last year … the economy looks to have caught some strong tailwinds early this year.”

GDP
Financial Post

The rise in GDP was due to broad-based growth in 18 of the 20 sectors measured by Statistics Canada.

The public sector, which includes education, health care and social assistance and public administration, increased 1.9 per cent in January, following two consecutive monthly declines. Education, which grew by six per cent, was the largest contributor to the country’s growth as activity rebounded from strikes by public sector workers in Quebec late last year.

Manufacturing fully recouped December’s decline in growth with a 0.9 per cent rise in January. A sudden drop in temperature in mid-January in parts of Canada contributed to increased activity in the utilities sector, which rose by 3.2 per cent, its highest growth rate since January 2022.

Article content

Advertisement 3

Article content

The real estate and rental sector grew for a third consecutive month — by 0.4 per cent — on higher resale activity. The Greater Toronto Area, Hamilton-Burlington and most markets in Ontario’s Greater Golden Horseshoe contributed to the growth.

The information and cultural services sector, which includes the motion picture and sound recording industry, also grew for the third consecutive month, as activity continued to ramp up following the end of a strike by the Screen Actors Guild – American Federation of Television and Radio Artists in November.

These “robust” figures could pose a difficult challenge for the Bank of Canada, Toronto-Dominion Bank economist Marc Ercolao said in a note.

While the central bank has received “solid evidence” in the past two months that inflation is cooperating, “strong GDP data prints” such as today’s will “keep them on their toes,” said Ercolao, who expects the first interest rate cut to take place in July.

On the labour front, Statistics Canada said there were 632,100 job vacancies in January, down 34,800, or 5.2 per cent, from November. Vacancies in the manufacturing sector declined by 10.2 per cent to 37,500, the lowest level since September 2017.

Advertisement 4

Article content

Monthly payroll increases were recorded in 13 of 20 sectors, led by retail trade, manufacturing and finance. But these gains were offset by a 0.3 per cent decline in construction.

The number of employees receiving pay and benefits from their employers, as measured by payroll employment, rose for the first time in the retail trade after four consecutive monthly declines.

Despite the strong start to the year, some economists expressed caution, especially regarding February’s GDP estimate.

Claire Fan, an economist at the Royal Bank of Canada, said the “substantially stronger-than-expected” numbers are partially driven by one-off factors such as the ending of the Quebec teachers’ strike, so growth isn’t likely to be sustained in the coming months.

“We’ve learned to take the advance estimates (February) with a grain of salt as they have been highly revision prone,” she said, while retaining RBC’s assessment of a weak economic backdrop.

Recommended from Editorial

  1. Bank of Canada senior deputy governor Carolyn Rogers said on Tuesday it is time to “break the emergency glass” regarding the structural decline in Canadian productivity.

    How to fix Canada’s poor productivity performance

  2. Bank of Canada

    Bank of Canada says nation faces a productivity ’emergency’

BMO’s Porter said Canada experienced something similar last year when GDP stalled after a strong start to the year.

“There could be a serious issue with seasonality here, especially in light of much milder winters recently,” he said.

Despite the increase in GDP, most economists have stuck to their previous predictions that June will be when the Bank of Canada issues its initial interest rate cut.

• Email: nkarim@postmedia.com

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

Article content

Comments

Join the Conversation

This Week in Flyers

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Trending